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TE Connectivity profit misses consensus by 21.1% in fiscal Q2

TE Connectivity Ltd. said its normalized net income for the fiscal second quarter ended March 27 was 71 cents per share, compared with the S&P Capital IQ consensus estimate of 90 cents per share.

EPS increased year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $292.5 million, a gain from $287.5 million in the year-earlier period.

The normalized profit margin dropped to 9.4% from 9.7% in the year-earlier period.

Total revenue increased on an annual basis to $3.08 billion from $2.96 billion, and total operating expenses rose on an annual basis to $2.58 billion from $2.49 billion.

Reported net income decreased 7.0% year over year to $318.0 million, or 77 cents per share, from $341.9 million, or 82 cents per share.